Visão geral da empresa
A Companhia Energética de Minas Gerais - CEMIG operates through its subsidiaries to manage the generation, transmission, distribution, and sale of energy within Brazil, utilizing a diversified asset base that includes hydroelectric and wind infrastructure. This utility entity functions within the Utilities sector, specifically classified under the Utilities - Diversified industry, positioning it as a fundamental provider of essential power services with a regulated revenue model. As of December 31, 2024, the company employed 5,320 individuals and maintained a market capitalization of $8.17B, while reporting annual revenue of $42.75B for the trailing twelve months. These financial metrics indicate a substantial operational scale, where the revenue figure of $42.75B underscores the company's significant footprint in the national energy landscape relative to its peers.
Saúde financeira
The company reported revenue of $42.75B, net income of $4.90B, and EBITDA of $7.84B for the trailing twelve months, highlighting a substantial gap between operating earnings and bottom-line profit. This disparity reveals a cost structure where non-operating expenses, including interest costs and taxes, consumed a significant portion of the EBITDA, reducing the final net income available to shareholders. The free cash flow stands at $-3,585,386,240, which indicates a period of negative cash generation where capital expenditures for infrastructure maintenance and expansion likely exceeded operational cash flows, limiting immediate financial flexibility for discretionary spending. Regarding profitability efficiency, the gross margin is 12.5%, the operating margin is 20.1%, and the profit margin is 11.5%, showing that while the company retains over a fifth of its operating earnings after direct costs, the final profit margin is compressed by significant overhead and interest obligations. The balance sheet shows total debt of $19.88B against cash holdings of $2.66B, resulting in a debt-to-equity ratio of 69.56%, which characterizes the entity as a highly leveraged balance sheet typical of capital-intensive utility firms. Liquidity is maintained at a current ratio of 1.00, indicating that current assets exactly match current liabilities, suggesting a tight but balanced position for meeting short-term obligations. Return on Equity is 17.5% and Return on Assets is 6.3%, metrics that demonstrate management's effectiveness in generating returns relative to the shareholder equity and the total asset base utilized to support operations.
Avaliação de valorização
The trailing twelve-month P/E ratio is 7.82, while the forward P/E is 17.20, a significant divergence that implies the market expects earnings growth to accelerate sharply or that current earnings are temporarily depressed by high capital spending. The price-to-book ratio stands at 1.34, indicating that the market values the company at a modest premium over its book value, reflecting the tangible nature of its utility assets and stable cash flows. Alternative valuation metrics include a price-to-sales ratio of 0.19 and an EV/EBITDA of 3.14, suggesting the stock is priced at a low multiple of its sales and enterprise value relative to earnings, which is consistent with the heavy debt load and cyclical nature of the utility industry. The stock has traded between a 52-week low of $1.59 and a 52-week high of $2.62, and assuming a valuation context where the price is near the upper range or mid-range, the beta of 0.24 indicates that the share price exhibits significantly lower volatility than the broader market, making it less sensitive to general equity market swings. This low beta profile is characteristic of regulated utilities that provide stable returns regardless of broader economic fluctuations.
Growth & Income
Revenue growth year-over-year is 2.9%, whereas earnings growth year-over-year is 88.1%, demonstrating that profitability is expanding at a pace far exceeding top-line revenue expansion. This divergence implies that the company is successfully managing cost inflation or benefiting from margin expansion that outpaces the 2.9% increase in sales volume. As a dividend payer, the company offers a dividend yield of 6.2% with a payout ratio of 98.0%, meaning nearly all of its net income is distributed to shareholders. Such a high payout ratio is sustainable only if earnings growth remains robust, as the company relies on its 88.1% earnings growth to replenish the cash distributed rather than retaining earnings for reinvestment. The overall growth and income profile presents a high-yield, low-volatility instrument with earnings growing rapidly despite moderate revenue growth, supported by a balance sheet that prioritizes shareholder returns over aggressive internal capital retention.